The Department of Economics and Development Studies was established at the inception of the University in 2002. Four years later, in 2006, she graduated her first set of 124 students. In 2005, the Department had an interim accreditation and this became a full-fledged accreditation in 2007.
Economics as a programme started in the Department of Strategic Studies in 2002. The programme had initial staff strength of 5 academic staff with 153 students. In September 2004, the programme became an autonomous department. It became known as the Department of Economics and Development Studies housing two programmes: (1) Economics (2) Demography and Social Statistics.
The Philosophy of the Department hinges on the Philosophy of the University, which is directed towards the development of the Total Man. The Philosophy underlying the courses offered in the Department of Economics and Development Studies is to produce graduates who can make informed contributions to the resolution of economic and social issues in a globalized environment, including, for example, the attainment of Vision 20-2020 and the Millennium Development Goals (MDGs). They will be graduates who can discuss, explain and predict economic phenomena with the tools of economic analysis that they will have acquired during their studies. Given the skills acquired during their training, graduates of the Department should be able to critically appraise economic, social and demographic issues using simplified (quantitative and qualitative) models to explain and/or predict alternative courses of action within a broad socio-economic context. In line with its desire to remain relevant, the Department has constituted a number of research clusters on various aspects of both Vision 20-2020 and the MDGs.
i) To train students to become expert thinkers and managers, who would, through their exposure to economic principles and application techniques,provide policy prescriptionsthat are adequate for the problems underinvestigation.
ii) To develop in students the ability to apply analytical tools, the knowledge and skills acquired in the solution of society’s problems.
iii) To prepare students for both the world of work in firms, factories and farms, as well as in self-employment through the course in Entrepreneurial Studies alongside the courses in the Department.
iv) To provide students with the knowledge and skill base required for graduate studies either at Covenant University or in any other University in the world.
v) To train students to think analytically through exposure to all areas of economic analysis (verbal, graphical and mathematical) in order to enable them to contribute meaningfully to economic policy formulation and implementation guides.
vi) To raise God-fearing and visionary leaders through the combination of relevant theories and application techniques, spiritual development and entrepreneurial training which are emphasized at every level of the programmesofthe Department.
vii)To train students to be highly knowledgeable in the economic structure and history of Nigeria and in relationship to the international economic environment.